The Jubilee Act for Responsible Lending and Expanded Debt Cancellation (HR 4405) cancels impoverished country debt, prohibits harmful economic and policy conditions on debt cancellation, mandates transparency and responsibility in lending from governments and international financial institutions, and calls for a U.S. audit of debts resulting from odious and illegitimate lending.
The bill was introduced on December 17th, 2009 with strong bi-partisan support. Rep. Maxine Waters (D-CA), the bill's lead sponsor, was joined by original co-sponsors Rep. Barney Frank (D-MA), Chairman of the House Financial Services Committee, and Rep. Spencer Bachus (R-AL), the committee's Ranking member. Other original co-sponsors include Rep. Judy Biggert (R-IL), Rep. Emmanuel Cleaver (D-MO), Rep. Luis V. Gutiï¿½rrez (D-IL), Rep. Carolyn Maloney (D-NY), Rep. Donald Payne (D-NJ), and Rep. Greg Walden (R-OR).
Send a message to your Member of Congress today to urge him/her to be an early co-sponsor!
Through passage of the Jubilee Act in Congress, Jubilee USA will urge the Obama Administration to make a new deal on debt in which poor countries have a chance to fight poverty instead of paying off huge debts.
The reintroduction of the Jubilee Act of 2009 will expand eligibility for 100 percent debt cancellation without harmful economic conditions to 65 impoverished countries in the Global South.
To help ensure passage of the Act, join Jubilee USA's Change Not Chains Campaign.